Ginnie Mae Government National Mortgage Association
A government-owned corporation overseen by the U.S. Department of Housing and Urban Development Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment as With Fannie Mae and Freddie Mac the investment income provides funding that may then be lent to eligible borrowers by lenders.

HVAC Heating Ventilation and Air Conditioning
A homes heating and cooling system.

Underwriting
The process of analyzing a loan application to determine the amount of risk involved in making the loan it includes a review of the potential borrowers credit history and a judgment of the property value.

PITI Principal Interest Taxes and Insurance
The four elements of a monthly mortgage payment payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance homeowners and mortgage if applicable goes into an escrow account to cover the fees when they are due.

Fixed-rate mortgage
A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

Principal
The amount borrowed from a lender doesnt include interest or additional fees.

Mortgage insurance premium MIP
A monthly payment -usually part of the mortgage payment - paid by a borrower for mortgage insurance.

ARM Adjustable Rate Mortgage
A mortgage loan subject to changes in interest rates when rates change ARM monthly payments increase or decrease at intervals determined by the lender the Change in monthly -payment amount however is usually subject to a Cap.

Mortgage broker
A firm that originates and processes loans for a number of lenders.

Lien
A legal claim against property that must be satisfied When the property is sold